Monitoring Agency Report

October 26, 2026 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot no. C/1, G Block Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai 400 001 Mumbai – 400 051 Ref: BSE Scrip Code – 544718 Ref: Symbol – PNGSREVA Sub: Submission of Monitoring Agency Report under Regulation 32 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/ Madam, Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (“SEBI”) (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) read with Regulation 41(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, enclosed herewith the Monitoring Agency Report for the quarter ended September 30, 2026 issued by CARE Ratings Limited (“Monitoring Agency”) in respect of utilisation of proceeds raised by way of the Public Issue of Equity Shares of the Company. The report is being made available on the Company’s website - https://www.revabypng.com/ Kindly take this on your records please. Yours sincerely, For PNGS Reva Diamond Jewellery Limited Kirti Vaidya Company Secretary & Compliance Officer ICSI M. No. A31430 Monitoring Agency Report No. CARE/PRO/GEN/2026-27/1072 The Board of Directors PNGS Reva Diamond Jewellery Limited Abhiruchi Mall, 59/1c, Wadgaon Budruk, Sinhagad Road, Pune - 411041 October 26, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the IPO of PNGS Reva Diamond Jewellery Limited (“the Company”) We write in our capacity of Monitoring Agency for the Fresh Issue for the amount aggregating to ₹379.51 crore of the Company and refer to our duties cast under 41 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended September 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated February 02, 2026. Request you to kindly take the same on records. Thanking you, Yours faithfully, Ashish Kashalkar Associate Director Ashish.kashalkarcareedge.in Report of the Monitoring Agency Name of the issuer: PNGS Reva Diamond Jewellery Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: No deviation (b) Range of Deviation: Not applicable Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit-related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board. Signature: Name and designation of the Authorized Signatory: Ashish Kashalkar Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : PNGS Reva Diamond Jewellery Limited Name of the promoter : P N Gadgil & Sons Limited, Govind Vishwanath Gadgil and Renu Govind Gadgil. Industry/sector to which it belongs : Gems, Jewellery and Watches 2) Issue Details Issue Period : February 24, 2026 to February 26, 2026 Type of issue (public/rights) : Public Type of specified securities : Equity shares IPO Grading, if any : Not applicable Issue size (in crore) : ₹.379.51 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments of certifications considered Comments of the the Particulars Reply by Monitoring Agency for Monitoring Agency Board of preparation of report Directors • The utilization of funds is as per the disclosures in the offer document. • There has been a delay in the utilization of funds. As per board resolution dated March 13, 2026, the Board has authorized the CEO and CFO of the company to Prospectus, Board reduce or extend the deployment and timelines for Whether all utilization is as per the disclosures Resolution, Bank utilization of net proceeds towards the objects No No Comments in the Offer Document? statements and Supporting specified in the prospectus. However, the revised invoices timelines for utilization have not yet been finalized. • As per the board resolution dated March 13, 2026, the quantum of utilization of funds towards the purposes under GCP is determined, and the same has been utilized subsequent to the board resolution in line with the approved allocation. Whether shareholder approval has been Chartered Accountant (CA) obtained in case of material deviations from Not applicable certificate*, Prospectus, Nil No Comments expenditures disclosed in the Offer Document? Management Certificate Whether the means of finance for the disclosed CA Certificate*, Prospectus, No Nil No Comments objects of the issue have changed? Management Certificate Is there any major deviation observed over the Previous Monitoring agency No No major deviations have been observed No Comments earlier monitoring agency reports? report Whether all Government/statutory approvals CA Certificate*, Prospectus, Not Applicable Not Applicable No Comments related to the object(s) have been obtained? Management Certificate Whether all arrangements pertaining to CA Certificate*, Prospectus, technical assistance/collaboration are in Not Applicable Not Applicable No Comments Management Certificate operation? As per the implementation schedule mentioned in the Are there any favorable/unfavorable events CA Certificate*, Prospectus, No Prospectus, there is a delay in utilization of issue No Comments affecting the viability of these object(s)? Management Certificate proceeds. Such delay may impact the viability. Is there any other relevant information that CA Certificate*, Prospectus, No Nil No Comments may materially affect the decision making of the Management Certificate Source of information / Comments of certifications considered Comments of the the Particulars Reply by Monitoring Agency for Monitoring Agency Board of preparation of report Directors investors? *The above details are verified by Khandelwal Jain & Associates. vide its CA certificate dated October 17, 2026. Where material devi [Showing first 8,000 characters — download PDF for full document]